February 29, 2008   PIN GROUP: To Cut Jobs at Insolvent Units PIN Group AG said that it will cut jobs in its 37 insolvent unit, the Thomson Financial reports.  The company however didn't give out specific details on the job cuts. The company's insolvent units, the report says, has around 7,000 employees. Headquartered in Luxembourg, PIN Group AG -- http://www.pin-group.net/ -- provides postal services across Germany.  The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. As previously reported in the TCR-Europe report, PIN Group's units filed for insolvency after Axel Springer AG, which holds a 71% stake, decided to stop funding the company.  Axel Springer said the business in unviable following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry, which would PIN, which has 9,000 employees, up to EUR45 million, although "most of the costs are expected to be covered by a form of state reimbursement."
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